XLMedia targets financial services sector with $9m acquisition
Performance marketing firm expands presence in North America with deal for credit card comparison site Greedyrates.ca
XLMedia has acquired credit card comparison site Greedyrates.ca for US$9.3m, the performance marketing firm’s first significant publishing asset in financial services.
The cash deal for Canada-facing Greedyrates will increase XLMedia’s presence in the North American market after identifying financial services as a “key growth vertical” for the company.
The egaming-focused marketing firm is expected to complete the deal in Q1 2017 and will integrate Greedyrates into its proprietary Palcon infrastructure.
Ory Weihs, chief executive officer of XLMedia, said he was pleased to see the AIM-listed company complete its first major diversification into financial services.
“As a leading credit card comparison site Greedyrates is a household name in Canada and, with its existing footprint and brand recognition, it represents an excellent opportunity for XLMedia to increase its North American presence and establish a foothold in the financial services market,” he said.
“There is significant opportunity within the financial services sector and we believe this acquisition will be the catalyst to our operations in the sector, which could be a significant future growth engine for the Group.”
XLMedia today also announced it continues to trade in line with expectations and expects to provide a more comprehensive trading update for the 12 months ended 31 December 2016 later this month.